In the world of cryptocurrencies, new projects and tokens are constantly emerging. At present, according to the CoinMarketCap data, there are more than 22,900 cryptocurrencies on the market, with a total market capitalization of around $1.1 trillion. However, the average lifespan of a cryptocurrency is only 15 months, and many projects never get off the ground.
One such strange token is TruthGPT (TRUTH), which has gained attention for its unique origins – and then disappeared from the public eye.
In this article, we will delve into the history of the TruthGPT project, how Elon Musk’s tweets created a new token, and how to set up a wallet and buy TRUTH.
The story of TruthGPT begins with a tweet by Elon Musk, the CEO of Tesla and SpaceX, who joked about the need for a “TruthGPT” in response to the limitations of ChatGPT, an AI-powered chatbot developed by OpenAI.
This tweet sparked the interest of the crypto community and led to the creation of the TruthGPT project.
ChatGPT is an advanced form of artificial intelligence powered by a large language model called GPT-3 (although the new ChatGPT uses GPT-4).
This revolutionary technology was developed by OpenAI, a US startup co-founded by Elon Musk, and it has gained significant attention and sparked discussions due to its impressive capabilities and human-like responses.
Elon Musk’s involvement with OpenAI goes beyond being a co-founder. In fact, he claims to be the reason that OpenAI exists, citing his past investment in the entity. Musk’s interest in AI is not surprising, considering that one of his companies, Tesla, heavily utilizes AI in its products and services. However, Musk resigned from the board of directors of OpenAI in 2018 and today no longer owns any shares in the company.
Elon Musk has been vocal about his concerns regarding artificial intelligence and its potential risks to society. His criticism of ChatGPT, a chatbot powered by AI, is rooted in his belief that while AI technology offers numerous benefits, it also brings along potential dangers.
One of the major concerns raised by Musk is the impact of AI on the job market. With the advancement of AI technology, there is a growing fear that automation may lead to significant job displacement. Musk believes that if left unregulated, AI could potentially result in massive unemployment and disrupt various industries. He argues that proactive measures are required to mitigate these risks and ensure a smooth transition in the workforce.
Furthermore, Musk is also worried about the broader implications of AI on society. He has repeatedly emphasized the need for regulation to address issues such as privacy, security, and ethical considerations associated with AI technology. Musk’s concerns stem from the potential misuse or unintended consequences that may arise as AI becomes more advanced and sophisticated.
According to a letter signed by over 1,000 technology leaders and researchers, including Musk, the development of advanced AI systems should be paused. The letter states that AI systems like ChatGPT must be regulated to guarantee their safe development and deployment.
Meanwhile, Musk’s criticism of ChatGPT revolves around the issue of censorship. He suggests that ChatGPT and OpenAI may have political biases and engage in censorship. Musk believes that an alternative AI chatbot, like TruthGPT, should be developed to provide unbiased and unvetted information.
Criticisms of ChatGPT are not unique to this particular AI system but apply to generative AI in general. This technology carries inherent risks of cheating, unethical use, and the possibility of providing false information
Inspired by Elon Musk’s tweet, the TruthGPT community quickly sprang into action to bring the concept of TruthGPT to life.
On the same day that Musk shared his vision on Twitter, a dedicated Twitter page for “TruthGPT” was launched. The very first tweet from this page quoted the relevant statement from Tesla’s CEO, providing the project’s contract address and links to the Telegram channel and TruthGPT (TRUTH) token on the cryptocurrency trading platform DEXtools.
It is essential to clarify that there are several versions of the TRUTH token listed on services like CoinMarketCap. The first one is a token for a project whose Twitter page was created in April of 2023:
The second token is the official cryptocurrency of the original TruthGPT project launched in February 2023. According to the project’s official website, the initial iteration of TRUTH token was traded on the Binance Smart Chain (BSC), and then ceased trading in late June 2023.
The second iteration of the token operates on the Ethereum blockchain and acts as a utility token within the TruthGPT ecosystem, which allows the app to properly function in a decentralized manner.
Interestingly enough, according to Etherescan data, the token has only 1,117 holders as of time of writing, which is two times lower in comparison to holders of the other project mentioned above (1,979 holders). The self-reported circulating supply is 1 billion tokens. The USD price of the tokens of all the projects is less than $0.0004.
The primary purpose of the TRUTH token is to enable users to access premium features within the TruthGPT mobile app. By holding TRUTH tokens, users can unlock additional functionalities and gain access to a wealth of unbiased information provided by the TruthGPT AI chatbot.
According to the TruthGPT developers, one of the key features of TruthGPT is its commitment to providing unbiased responses. Unlike other AI chatbots that may have political or social biases, TruthGPT aims to offer accurate and reliable information. The chatbot achieves this by analyzing a broad dataset from various sources, including traditional and alternative sources. This approach allows users to form their own unique conclusions based on the information provided.
Investing in cryptocurrencies can be a lucrative venture, but it is also important to exercise caution and due diligence when dealing with unfamiliar tokens and projects.
In our case, all of these three tokens are not traded or listed on any centralized exchanges and have a low market cap and a very poor liquidity, so there may be cause for concern. Some of these projects can possibly be part of a scam or pump-and-dump scheme. Scammers often create tokens with the intention of deceiving unsuspecting investors and making a quick profit.
Conducting thorough due diligence, researching the team behind the project, and analyzing the token’s whitepaper are essential steps to assess the viability and legitimacy of any investment opportunity.
To participate in the TruthGPT ecosystem and acquire TRUTH tokens, you will need to set up a crypto wallet and follow a few simple steps. Here is a step-by-step guide to help you get started:
The first step is to choose a crypto wallet that supports the Ethereum blockchain, as TRUTH tokens are traded on Ethereum. One popular option is Trust Wallet, which is available as a mobile app on both Android and iOS devices. Download and install the Trust Wallet app from the respective app store.
Once you have installed your wallet, open the app and follow the instructions to set it up. Make sure to securely store your seed phrase, as it will be essential for recovering your wallet in case of loss or device change. Take note of your wallet address, as you will need it for future steps.
To acquire TRUTH tokens, you will first need to obtain Ethereum (ETH), which will act as the base currency for your transactions. You can purchase ETH from various cryptocurrency exchanges, such as Binance, KuCoin, Coinbase, ByBit, and others. Follow the registration process on the exchange and complete any necessary verification steps. Once your account is set up, you can buy Ethereum using your preferred payment method.
After purchasing Ethereum on the exchange, you will need to transfer it to your wallet. Go to the withdrawal section of the exchange and enter your address as the recipient. Specify the amount of Ethereum you want to transfer and initiate the withdrawal. Wait for the transaction to be confirmed and for the Ethereum to appear in your wallet.
To buy TruthGPT, you will need to use a decentralized exchange (DEX) that supports Ethereum-based tokens. There are several DEXs available, for example, Uniswap. Explore the available options and choose a DEX that suits your preferences.
TRUTH tokens are currently not listed on any centralized exchange. Therefore, to buy them, you will need to use a decentralized trading platform that supports Ethereum-based tokens.
DEXs are different from centralized exchanges as they are not owned or operated by a third party. Instead, DEXs are peer-to-peer exchanges that allow users to trade directly with one another without the need for a central authority. This means that users have full control over their funds and trading activities, as there is no third party involved.
Once you have chosen a DEX, you will need to connect your wallet to the exchange. Open the DEX platform and look for the option to connect a wallet. Select your option and authorize the connection using your wallet address. This will enable you to interact with the DEX and make transactions.
With your wallet connected to the DEX, you can now trade your Ethereum for TRUTH tokens. Select the trading pair that matches Ethereum with TRUTH tokens. Enter the amount of Ethereum you want to exchange and confirm the transaction. Wait for the transaction to be processed and for the TRUTH tokens to appear in your wallet.
Once you have acquired TRUTH tokens, it is important to store them securely. Make sure to back up your wallet and keep your seed phrase in a safe place. By taking these precautions, you can ensure the safety of your TRUTH tokens.
The TruthGPT project and its associated token, TRUTH, aim to provide reliable information through the use of AI and blockchain technology. Inspired by Elon Musk’s tweets about ChatGPT, the TruthGPT community is developing an AI chatbot that can provide accurate responses to user queries. TRUTH tokens act as a utility token within the TruthGPT ecosystem, enabling users to access premium features and unlock the full potential of the platform.
Disclaimer: Cryptocurrency investments involve high market risks and price volatility. It is crucial to thoroughly understand the associated risks and only invest in products that you are familiar with. This article does not constitute financial advice, and readers should conduct their own research and consult with a financial advisor before making any investment decisions.
What are tokens, and what can I do with them?
Tokens are digital assets that exist on a blockchain and have specific characteristics and functions. They can be used for a variety of tasks in a smart contract, such as facilitating transactions, providing access to certain services, and representing a value in a decentralized application. Tokens can also be exchanged for other cryptocurrencies on centralized or decentralized exchanges.
Are there risks associated with buying tokens on a DEX?
One of the main risks associated with DEXs is the lack of regulatory oversight. As DEXs are not regulated by any central authority, there is an increased risk of market manipulation, money laundering, and other fraudulent activities.
Additionally, DEXs may be vulnerable to hacking attempts, which can result in the loss of funds. Furthermore, DEXs operate on smart contracts, which can contain bugs or be vulnerable to exploitation, resulting in the loss of funds.
Finally, users may need to be aware of the liquidity of certain tokens, as low liquidity on a DEX can lead to large spreads and wide price differences.
What features should I look for in a crypto wallet?
Safety is paramount, as the wallet must be secure and provide protection from hacking. Convenience is also important, as the wallet should be easy to use and have features like automated backups and two-factor authentication. Compatibility should be taken into account, as the wallet should be compatible with any cryptocurrency you plan to use.
What are the different types of crypto wallets?
There are several types of crypto wallets, including hardware wallets, web wallets, desktop wallets, mobile wallets, and paper wallets. Each type of wallet has its own advantages and disadvantages, and it’s important to understand the security implications of each type before deciding which one to use.
What will happen if I lose my private keys?
If you lose your private keys, you will not be able to access your digital assets. This means that you will not be able to use your cryptocurrencies or other digital assets stored on the blockchain. Consequently, the digital assets will be lost and cannot be recovered.